Madhya Pradesh Court March 1984 Judgments

Surendra Mirani and Bros. Vs. Commissioner of Income-tax

Court: Madhya Pradesh

Reported in: [1986]160ITR800(MP)

G.L. Oza, Actg. C.J.1. This reference is made by the Income-tax Appellate Tribunal for answering the following questions :'(1) Whether, on the facts and in the circumstances of the case, the failure on the part of the assessee to file the estimate attracted penalty under Section 273(b) of the Income-tax Act ?(2) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in setting aside the order of the Appellate Assistant Commissioner and restoring the order of the Income-tax Officer? '2. The year of assessment is 1972-73, previous year ending in October, 1971. It is alleged that the assessee committed default in not filing the estimates and, therefore, he was served with a notice under Section 274 read with Section 273(b) of the Income-tax Act, 1961. In compliance with the notice, the assessee filed a reply stating that though the estimates were not filed, advance tax of Rs. 50,000 was paid by the assessee in time and since the assessee admitted the defaul...